An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions. Types of NFT data units may be associated with digital files such as photos, videos, and audio each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin. In this paper, we aim to simplify the journey for anyone looking to understand this new technology by providing them a thorough overview which includes investigating the history of NFT, what brings it value, the technical details, the challenges it faces, the use cases, security, risks, NFT Marketplace and Vulnerability of the new digital asset world of NFT.
Non Fungible Token, Etherium, Money Laundering, NFT, ERC 1155, ERC 721
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